Fatima Shuwaikh

@article{shuwaikh_3206,

title = {Insights for sustainable business practices: Comparative impact of independent and corporate venture capital funding on financial and environmental performance},

author = {Fatima Shuwaikh and Agathe Tanguy and Emmanuelle Dubocage and Othman Alolah},

url = {https://www.sciencedirect.com/science/article/pii/S0275531924004252?via%3Dihub},

year  = {2025},

date = {2025-01-01},

journal = {Research In International Business And Finance},

volume = {73},

number = {Part A},

pages = {Saudi Arabia},

abstract = {This study aims to analyze the effects of venture capital (VC) financing schemes on the financial and environmental performance of their VC-backed companies. This research leverages a dataset including 325?U.S. firms between 2002 and 2022 and examines two issues of interest: independent venture capital (IVC) and corporate venture capital (CVC) funding. The results show that IVC-backed companies have significantly better environmental, social, and governance (ESG) ratings and emit fewer greenhouse gases (GHG) emissions when compared to companies backed by CVC. This highlights that the function of IVC is to improve the environmental sustainability of businesses. Together this helps provide a valuable perspective about which VC models (CVC, IVC) does have an impact on how businesses pursue sustainability practices alongside financial performance. This paper contributes to the sustainable entrepreneurship literature by focusing on the importance of funding types with performing sustainable practices.},

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@article{shuwaikh_2207,

title = {Venture capital activities under uncertainty: US and UK investors behavior},

author = {Fatima Shuwaikh and Souad Brinette and Sabrina Khemiri and Rita Grego De Castro},

url = {https://link.springer.com/article/10.1007/s10479-022-04962-3},

year  = {2024},

date = {2024-03-01},

journal = {Annals Of Operations Research},

volume = {334},

number = {-},

pages = {885-917},

abstract = {We investigate how in the context of Corporate Venture Capital (CVC), the investment decisions affect the likelihood of their subsequent exit strategies. We use OLS and probit regression as well as Weibull distribution of residual values, given its reliability and validity for studying lifetime analysis. Based on a sample of 8722 VC-backed ventures with the first investment dates between 1999 and 2018 in United States (US) and United Kingdom (UK), the results show that the presence of CVCs positively affects the funding amounts and the duration of the investment. CVC funds are more generous and more patient than Independent Venture Capital (IVC) funds regarding their investments in ventures. Moreover, the findings provide evidence that the exit strategies are directly influenced by the funding amounts and the duration of the investment which are influenced, in turn, by the fund type. Greater funding increases the likelihood of IPO exit which is reduced by longer investment duration. Our results are robust to alternative estimation methods, namely two-stage treatment-effects regressions. These results help the various stakeholders (VC funds, investors, ventures) make crucial decisions regarding investment amounts and duration, and exit.},

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@article{yang_2576,

title = {The impact of the degree of coupling coordination between green finance and environmental regulations on firms' innovation performance: evidence from China},

author = {Tianle YANG and Zhennan Sun and Min DU and Qunyang DU and Lei LI and Fatima Shuwaikh},

url = {https://link.springer.com/article/10.1007/s10479-023-05704-9},

year  = {2024},

date = {2024-01-01},

journal = {Annals Of Operations Research},

volume = {332},

pages = {1179-1180},

abstract = {Integrating the resource-based view and institution-based view theories, this paper examines

the impact of the degree of coupling coordination between green finance and environmental regulations on firms' innovation performance. Using a sample of 1698 listed firms in

China from 2008 to 2017, we find that the degree of coupling coordination between the

regional green finance development level and environmental regulations is positively related

to firms' innovation performance. Further, the results show that the degree of state ownership and government governance efficiency strengthen this positive relationship. We deepen

our understanding of how environmental institutions coordinate to affect firms' innovation

performance by combining the resource- and institution-based view theories.},

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pubstate = {published},

tppubtype = {article}

}

@article{shuwaikh_2540,

title = {The Power of Syndication: The Innovation Output of Venture Capital Investments in the United States},

author = {Fatima Shuwaikh and Joakim Börrén Dias},

url = {https://id.erudit.org/iderudit/1107412ar},

year  = {2023},

date = {2023-11-01},

journal = {Management International},

volume = {27},

number = {4},

pages = {140-152},

abstract = {This paper demonstrates the impact of the participation of corporate venture capital (CVC) funds and independent venture capital (IVC) funds in syndicated investments. We examine the dynamics of the impact of these syndications and the channels (industry fit and location fit) that improve innovation effectiveness. Based on the main sample of 5182 US. funded companies between 1998 and 2017, there is strong evidence of an existing superiority of CVC engagement in syndications (CVC/IVC) that can further boost the innovation output contribution. Additionally, the results show that industry and location fit augment the innovation output of the entrepreneurial companies.},

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}

@article{benkraiem_2208,

title = {The role of corporate venture capitalists in supporting the growth of their backed start-ups},

author = {Ramzi Benkraiem and Duarte Gonçalves and Fatima Shuwaikh},

url = {https://www.emerald.com/insight/content/doi/10.1108/EBR-09-2022-0183/full/html},

year  = {2023},

date = {2023-08-01},

journal = {European Business Review},

volume = {35},

number = {5},

pages = {672-693},

abstract = {Purpose

Building on the venture capital (VC) literature, this paper aims to study the impact of the value added by corporate venture capitalists (CVCs) on their funded companies by comparing its IPO valuation with its independent venture capitalists (IVCs) peers.



Design/methodology/approach

This study uses a sample of 3,719 VC-backed ventures, between the years 1998 and 2020. The empirical analysis focuses on the propensity score matching approach, pairing ventures based on their probability of being funded by CVCs, and consequently, interpret the results derived from the valuation multiple ratios between the ?nearest neighbors.?



Findings

This study finds that companies funded by CVCs can achieve higher valuations at their IPO compared to IVC-backed companies. Moreover, CVC-backed companies outperformance is mainly driven by startups which hold a technological fit with their CVC investor, with higher technological overlaps being translated into more significant valuations.



Research limitations/implications

This study presents systematic evidence to the subject concerning ventures' type of investors and its effect on the startups' IPO valuations.



Practical implications

This paper contributes to the enrichment of the industry's literacy while also easing entrepreneurs' decisions when choosing a funding partner. CVCs offer a variety of services and support that fits the specific needs of their funded companies.



Originality/value

To the best of the authors' knowledge, this study is among the first to examine the role of CVCs as a tool to help venture growth.},

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@article{benkraiem_2311,

title = {The effects of environmental performance and green innovation on corporate venture capital},

author = {Ramzi Benkraiem and Emmanuelle Dubocage and Yann Lelong and Fatima Shuwaikh},

url = {https://www.sciencedirect.com/science/article/abs/pii/S0921800923001234},

year  = {2023},

date = {2023-08-01},

journal = {Ecological Economics},

volume = {210},

pages = {107860},

abstract = {The aim of this study is to provide investors, policymakers and others with information on how greenhouse gas (GHG) emissions and green innovation affect corporate financial performance. Although reporting by corporate venture capital (CVC) firms on GHG emissions as well as their green innovation has increased significantly, especially in the last two decades, little is known about how these two factors affect financial performance. To fill this gap, this article investigates the relationships between environmental performance, green innovation, and financial performance in CVC investments in the US over an 18-year period between 2002 and 2019. The results show the effects of GHG-emission reduction and green innovation, both separately and combined, on the financial performance of CVC firms. These findings contribute to the ongoing debate on the role of corporations in the efforts to reach net-zero emissions. The results indicate that emission reductions give firms a financial advantage over time and that there is a financial interest for corporate investors to drive green innovation. These results have important implications for research and practice and illustrate the importance for corporate investors of including ecological considerations in their overall business strategies to create competitive advantage.},

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pubstate = {published},

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@article{shuwaikh_2210,

title = {Investment in Green Innovation: How does It Contribute to Environmental and Financial Performance?},

author = {Fatima Shuwaikh and Ramzi Benkraiem and Emmanuelle Dubocage},

url = {https://www.cairn.info/revue-journal-of-innovation-economics-2023-2-page-107.htm?ref=doi},

year  = {2023},

date = {2023-05-01},

journal = {Journal of Innovation Economics},

volume = {41},

number = {2},

pages = {107-149},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{shuwaikh_2255,

title = {Underpricing of corporate and independent venture capital?backed IPOs: Do they differ?},

author = {Fatima Shuwaikh and Emmanuelle Dubocage and Dennis Murer},

url = {https://link.springer.com/article/10.1007/s11156-023-01144-5},

year  = {2023},

date = {2023-05-01},

journal = {Review of Quantitative Finance and Accounting},

volume = {60},

pages = {1629-1650},

abstract = {Building on a resource-based view, this study argues that independent venture capital (IVC) firms and corporate venture capital (CVC) firms have different impacts on the underpricing of their backed initial public offerings (IPOs). This is due to their different resources, motivations, and interests. Using a sample of 612 VC-backed IPOs from 2000 to 2020, we find a significant difference in underpricing among CVC- and IVC-backed IPOs. The matching method used by Megginson and Weiss (1991) and propensity score matching both show significant differences in underpricing between CVC-backed and IVC-backed IPOs. This paper shows that the difference in the influence of CVC and IVC backing on underpricing in IPOs has changed over time. While there was a significant difference from 2000-2009 in our models, this difference was no longer present in the more recent period of 2010-2020.},

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@article{shuwaikh_2209,

title = {Investment decisions under uncertainty: Corporate venture capital as a real option},

author = {Fatima Shuwaikh and Mathew Hughes and Souad Brinette and Sabrina Khemiri},

url = {https://onlinelibrary.wiley.com/doi/full/10.1002/ijfe.2794},

year  = {2023},

date = {2023-02-01},

journal = {International Journal Of Finance & Economics},

volume = {29},

number = {5},

pages = {968-982},

abstract = {This paper aims to assess the role of corporate venture capital (CVC) as option-creating investments and how corporate investors practice CVC options in their investment decisions. Using a sample of 4206 US firms between 1998 and 2019, our results show that sector fit and geographic fit reduce uncertainty and impact investors' decisions on CVC investments. When exogenous uncertainty is mitigated, CVC-backed companies experience higher investment amounts than independent venture capital funds (IVC)-backed ones. The results evidence that follow-on investments motivate IVC-backed companies to exit via IPOs. At the same time, a prolonged duration for the organisational learning option leads CVC-backed companies to exit via acquisition. This study helps investors to reduce uncertainty surrounding investments and improve the usefulness of their real options. We also provide implications for how policymakers target and develop an entrepreneurial ecosystem.},

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pubstate = {published},

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@article{shuwaikh_1888,

title = {Carbon performance and firm value of the World's most sustainable companies},

author = {Fatima Shuwaikh and Faten Lakhal and Ramzi Benkraiem and Assil Guizani},

url = {https://www.sciencedirect.com/science/article/pii/S0264999322002437?via%3Dihub},

year  = {2022},

date = {2022-11-01},

journal = {Economic Modelling},

volume = {116},

pages = {106002},

abstract = {This study examines how carbon performance affects a firm's market value. It also studies how this effect is driven by leadership, gender diversity and innovation capacity. This study used a panel of the world's most sustainable companies ranked according to Corporate Knights between 2013 and 2019. The results revealed that carbon performance positively influenced firm market value, thereby indicating that investors rewarded firms with low levels of carbon emissions. This positive effect was more prevalent in firms with a high level of gender diversity and innovation capacity. The findings also demonstrate that rank-up and high-polluting firms continually increased their efforts to be sustainable, which increased the positive effect of carbon performance on firm value. Our results are robust to alternative measures and concerns about endogeneity.},

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pubstate = {published},

tppubtype = {article}

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@article{shuwaikh_1865,

title = {The impact of dynamic ambidexterity on the performance of organizations: Evidence from corporate venture capital investing in North America Author links open overlay panel},

author = {Fatima Shuwaikh and Souad Brinette and Sabrina Khemiri},

url = {https://doi.org/10.1016/j.jebo.2022.07.012},

year  = {2022},

date = {2022-08-01},

journal = {Journal Of Economic Behavior & Organization},

volume = {200},

pages = {991-1009},

abstract = {The purpose of this paper is to study the evolution of corporate investors' exploitation-exploration allocations and their long-term performance outcomes. The sample consists of 243 North American firms pursuing corporate venture capital (CVC) investments from 1993 to 2017. The results show that dynamic sequential ambidexterity promotes higher firm performance than balanced or simultaneous forms of ambidexterity. Alternating pursuit of exploitation and exploration characterized by a regular frequency of change over time enhances corporate investors' financial performance. The results suggest that CVC firms develop additional expertise in pursuing both exploitation and exploration activities over time which helps to enhance their performance. The findings also show that in times of crisis, the combined use of both exploration and exploitation in CVC investments enables firms to enhance their financial performance. The results are robust to alternative measures of financial performance and to endogeneity concerns. This paper provides insights to policymakers and managers of firms that are investing in CVC activities.},

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pubstate = {published},

tppubtype = {article}

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@article{mazza_1897,

title = {Industry-relatedness, geographic proximity and strategic decisions of corporate and independent venture capital-backed companies},

author = {Pablo Mazza and Fatima Shuwaikh},

url = {https://www.tandfonline.com/doi/abs/10.1080/00472778.2022.2108432},

year  = {2022},

date = {2022-08-01},

journal = {Journal Of Small Business Management},

volume = {62},

number = {2},

pages = {966-1003},

abstract = {In this paper, we use the essential dichotomy between independent venture capital (IVC) and corporate venture capital (CVC) to investigate the investment mechanisms that lead venture-backed companies to take different successful exit routes, that is, an initial public offering (IPO) or an acquisition. Through an analysis of a sample of 4206 US companies, we find that CVC-backed companies have a longer investment duration and a larger investment amount than IVC-backed companies. Our analysis reveals that geographic distance and industry-relatedness are influential for the success of the company. We show that industry-relatedness is more likely to lead to an acquisition exit while geographic proximity rather fosters IPO exits.},

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tppubtype = {article}

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@article{shuwaikh_1742,

title = {Access to the Corporate Investors' Complementary Resources: A Leverage for Innovation in Biotech Venture Capital-Backed Companies},

author = {Fatima Shuwaikh and Emmanuelle Dubocage},

url = {https://www.sciencedirect.com/science/article/pii/S0040162521008052},

year  = {2022},

date = {2022-02-01},

journal = {Technological Forecasting And Social Change},

volume = {175},

pages = {121374},

abstract = {Entrepreneurial companies are a vital source of innovation and are financed by investors with different profiles. We examine whether the innovative outputs of entrepreneurial companies are responsive to access to complementary resources from different types of venture capital (VC) funds: ?independent venture capital (IVC) and corporate venture capital (CVC)?. We then delve deeper and examine the mechanisms by which we measure if access to investors' complementary resources has an influence on the innovation performance of the companies they fund. Our sample consists of 1547 U.S. biotechnology companies founded between 1998 and 2013 and financed by IVC or CVC funds. We find that CVC-backed companies display higher rates of innovation output, as measured by their patenting outcomes, than their IVC-backed counterparts. We specify three mechanisms that affect the influence of complementary resources of corporate investors compared to those of IVC: (1) absorptive capacity enhances the ability of the company to grasp and utilize investor knowledge; (2) business similarity helps nurture the technologies of innovative companies, and (3) geographic proximity enables approachability.},

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